The global metalworking fluids market is expected to grow over the next few years. According to the Market Research Reports Search Engine (MRRSE), the metalworking fluids market will grow to a value of $14.78 billion by 2024.
That's a 4.6% increase from the market's previous value of $9.91 billion in 2015.
What's giving the metalworking fluid industry a boost?
Synthetic lubricants have been growing in popularity among consumers. This is because of synthetic oils' advanced functions and their eco-friendly forms.
What's more, today's metalworking fluids offer greater tramp oil control. They also extend pump life, resist fire, and reduce mist. This makes them more accurate when measuring their concentration.
Another driving force behind the global market demand is the oils' improved efficiency. Consumers are seeing the benefit of synthetics are efficient in lower viscosity forms.
Is automation playing a role in market growth?
The growth of automation in the auto, manufacturing, and construction industries is also a key influence on metalworking fluids' market value. Automation is on the rise more than ever before. In fact, there were more than 100,000 new automated installations in the auto sector as of 2016.
Metalworking fluids are needed to keep self-driving cars and automated construction vehicles working efficiently. Up to 70% of unplanned equipment shutdowns in the manufacturing industry alone over the last three years were caused by incorrect lubricant selection. It's essential to find the right metalworking fluid with the help of your Castrol distributors.
North America is still at the head of the pack
North America continues to be the most profitable nation in the metalworking fluids market. In 2014, North America accounted for up to 26.1% of shares. Additionally, the U.S. contributed three-fourths of the total demand for metalworking fluids from North America.
Fortunately, North America is predicted to stay at the head of the pack. Due to the increasing application of forming and removal fluids in the area, the metalworking fluids market is projected to grow at a steady pace.
Whether you're looking for transportation lubricants, synthetic aviation greases, or specialty lubricants, the Castrol distributors of Santie Wholesale Oil Company has what you need. To learn more about our wholesale industrial supplies, contact Santie Wholesale Oil Company today.